With Amelia, 1Bank customers can engage with their financial institutions through the Natural Language Interface (NLI) either by voice or chat.

Amelia from IPsoft, is a cognitive AI-powered digital colleague that provides an NLI for digital systems.

Through 1Bank, Amelia can help resolve complex customer questions using comprehensive dialogue.

IPsoft CEO Chetan Dube said: “Today’s banking customers expect more than online/digital banking. They expect to be able to have a personal banker with them in their pockets 24×7, who is continually monitoring their finances, and providing better money management outcomes for them. 1bank takes that leap from typical digital banking to facilitate conversational personal banking for its customers.”

The enterprise AI-solutions provider claims that Amelia, unlike other AI-based solutions can offer customers the ability to switch contexts during mid-conversation.

If a customer is applying for a new credit card, but realizes midway through the conversation that they want to use a different email address, they can go back and change addresses without beginning the whole process over. This ability which human agents can manage easily, but an AI-solution can struggle with.

IPsoft also stated that Rule-based chatbot and static Web interfaces are built around simple keyword recognition, but Amelia can discern human intentions from a wide spectrum of conversational inputs. Amelia is claimed to recognize the meaning of “How much money is in my checking account?” to “How much is in checking?” to “So, how much money do I have?”

Furthermore, its advanced machine learning (ML) ability enables her to improve over time. When the AI-solution is not able to assist the customers, she can escalate the conversation to a human agent and silently observe the interaction in the background, which can in turn add to her abilities.

Forrester, a global research and advisory firm, said: “Customer support and self-service, when done right, can drive higher customer satisfaction. IPsoft’s Amelia supports a variety of customer-facing scenarios with its natural language interface and artificial intelligence engine. Amelia can take the entirety of a conversation into account.

“At a recent event, IPsoft showed the solution it has deployed to a major European bank, which is using Amelia as a mortgage-qualifying engine.”